How much will a mid-life crisis cost?

Starting to use anti-aging products is the number one sign of a mid-life crisis for people in Scotland, according to new research.

Published:10:00Saturday 04 February 2017

A mid-life crisis will cost people living in Scotland an average of £7,967.31, and is likely to start at the age of 40, according to new research commissioned by AAT (Association of Accounting Technicians).

The cost of £7,967.31 in Scotland is higher than the UK average of £7712.39, and the start of 40 years old is younger than the UK average of 43.

Other findings from the study include that:

· 35 per cent of over-40s in Scotland said they have had a midlife crisis, smaller than the UK as a whole where 39 per cent of over-40s say they have had one.

· An urge to travel is the most costly aspect of a mid-life crisis, in Scotland costing an average of £2014.26.

· The average mid-life crisis begins at the age of 40 years, and most respondents in Scotland identified the years between 31 and 40 as having been the best of their lives.

Despite the costs, over half (64 per cent) of people in Scotland aged over 40 believe that a crisis can be a good thing, providing an opportunity to break away from scenarios that cause unhappiness, and a chance to set new goals.

The impact of mid-life crises on the workplace is significant too. 28 per cent of respondents from Scotland said that they think mid-life crises happen most to people who have been in the same career for too long, indicating that a change of career may be worth considering, regardless of age.

32 per cent of people in Scotland admitted to feeling “Sunday night dread”, where they fear what the week ahead at work may hold. Worryingly for managers who want to retain staff, 21 per cent said they definitely wouldn’t be working for the same company in 10 years’ time.

One of the most common ways to tackle a mid-life crisis was a change of career, with 18 per cent switching employers after the age of 40.

Olivia Hill, Chief HR Officer at AAT, the organisation that commissioned the survey, said: “This study found that a huge proportion of people have felt anxiety about the direction their life has taken and that one of the most common causes for a mid-life crisis is dissatisfaction in the workplace.

“At AAT we often see that people who are studying with us have moved from a career they are not happy with, to make a positive change in their lives.

“Perhaps more people should consider a change of career not just to enhance their earning potential or improve their work/life balance but to avoid the stresses and strains of a mid-life crisis.”